Wednesday, October 29, 2008

Chin Up, People!

Consumer confidence fell to its lowest level in at least 40 years, a survey said Tuesday, as falling home prices and steep declines in the stock market took a sharp toll on the faith of Americans in the economy.

A widely watched survey by the private Conference Board, which dates back four decades, plunged to its lowest reading on record in October as Americans reported fewer jobs and smaller incomes and curtailed plans for major purchases like cars and appliances.

Americans also say they believe the economy will worsen before it improves — a sign of deeply engrained pessimism that reflects a year of painful declines in stocks, jobs and home values....

Lowest in forty years? Lower than 1981-82? 73-74? We have a long way to go before it's that bad, and I doubt things will get that far.

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